v3.26.3
Note 5 - Derivative and Other Hedging Instruments - Schedule of Derivative Positions (Details) - Short [Member] - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Five Year Treasury Note Futures [Member]    
Average contract notional amount $ 858,600 [1] $ 122,500 [2]
Weighted average entry rate 4.90% [1] 3.65% [2]
Average receive rate 5.24% [1] 3.65% [2]
Open Equity [3] $ 17,763 [1] $ 10 [2]
Ten Year Ultra Futures [Member]    
Average contract notional amount $ 560,000 [4] $ 60,000 [5]
Weighted average entry rate 4.95% [4] 4.03% [5]
Average receive rate 5.33% [4] 4.14% [5]
Open Equity [3] $ 16,963 [4] $ 575 [5]
Ten Year T-Note Futures [Member]    
Average contract notional amount [1]   $ 90,000
Weighted average entry rate [1]   3.79%
Average receive rate [1]   3.91%
Open Equity [1],[3]   $ 739
Thirty Year Treasury Note Futures [Member]    
Average contract notional amount [6] $ 150,000  
Weighted average entry rate [6] 5.69%  
Average receive rate [6] 5.75%  
Open Equity [3],[6] $ 1,313  
Three Month SOFR Futures Ending in June 2026 [Member]    
Average contract notional amount $ 97,500 $ 97,500
Weighted average entry rate 3.27% 3.55%
Average receive rate 3.97% 3.52%
Open Equity [3] $ 681 $ (33)
Three Month SOFR Futures Ending in March 2026 [Member]    
Average contract notional amount   $ 97,500
Weighted average entry rate   3.73%
Average receive rate   3.69%
Open Equity [3]   $ (44)
Three Month SOFR Futures Ending in September 2026 [Member]    
Average contract notional amount $ 97,500 $ 97,500
Weighted average entry rate 3.22% 3.38%
Average receive rate 4.30% 3.31%
Open Equity [3] $ 1,056 $ (66)
Three Month SOFR Futures Ending in December 2026 [Member]    
Average contract notional amount $ 97,500 $ 97,500
Weighted average entry rate 3.21% 3.27%
Average receive rate 4.61% 3.16%
Open Equity [3] $ 1,368 $ (111)
Five Year 3.75% ERIS SOFR Swap Futures Ending in June 2031 Member]    
Average contract notional amount [7] $ 10,000  
Weighted average entry rate [7] 4.52%  
Average receive rate [7] 4.86%  
Open Equity [3],[7] $ 145  
Three Month SOFR Futures Ending in March 2027 [Member]    
Average contract notional amount   $ 97,500
Weighted average entry rate   3.22%
Average receive rate   3.11%
Open Equity [3]   $ (105)
Three Month SOFR Futures Ending in June 2027 [Member]    
Average contract notional amount   $ 97,500
Weighted average entry rate   3.21%
Average receive rate   3.11%
Open Equity [3]   $ (90)
Five Year 3.75% ERIS SOFR Swap Futures Ending in March 2031 Member]    
Average contract notional amount [7]   $ 10,000
Weighted average entry rate [7]   3.48%
Average receive rate [7]   3.45%
Open Equity [3],[7]   $ (13)
[1] 10-Year T-Note futures contracts were valued at a price of $104.20 at September 30, 2026 and $112.44 at December 31, 2025. The contract values of the short positions were $894.7 million and $101.2 million at September 30, 2026 and December 31, 2025, respectively.
[2] 5-Year T-Note futures contracts were valued at a price of $109.30 at December 31, 2025. The contract value of the short position was $133.9 million at December 31, 2025.
[3] Open equity represents the cumulative gains (losses) recorded on open futures positions from inception.
[4] 10-Year Ultra futures contracts were valued at a price of $105.00 at September 30, 2026 and $115.02 at December 31, 2025. The contract values of the short positions were $588.0 million and $69.0 million at September 30, 2026 and December 31, 2025, respectively.
[5] 10-Year Ultra futures contracts were valued at a price of $105.00 at September 30, 2026 and $115.02 at December 31, 2025. The contract values of the short positions were $588.0 million and $69.0 million at September 30, 2026 and December 31, 2025, respectively.
[6] 30-Year T-Note Ultra futures contracts were valued at a price of $103.59 at September 30, 2026. The contract value of the short position was $155.4 million at September 30, 2026.
[7] ERIS swap futures are exchange traded futures that replicate the cash flows of an underlying swap position.